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HOME PRICES DID WHAT?? Savannah Real Estate Market Insights for May 2023: Defying Expectations!
The Savannah real estate market has defied expectations, boasting significant growth. Here are the 10 must-know statistics that capture the current state of the market:
Average Sales Price: The star of the show, the average sales price increased 3.5% from $376,810 to $402,379 - a first in Savannah's history, surpassing the $400,000 mark. Year-to-date, home prices have seen an impressive surge of 14%.
Number of Homes for Sale: Inventory went up slightly from 2,144 to 2,253. Despite the uptick, we're still at about half of the historic inventory levels.
New Listings: Climbed from 1,053 to 1,239, a normal trend for this time of year, yet still lower than what we typically see.
Pending Sales: A promising sign, pending sales (next month's sold homes) rose from 930 to 999.
Closed Sales: In comparison to two months ago, closed sales ascended from 833 to 1,004, a 21% rise.
Average Days on Market: Homes are selling faster, with the average days on market decreasing from 65 to 58.
Months Supply of Homes for Sale: Remained flat at 2.4, slightly edging up to 2.5 months, indicating a strong seller's market.
Average Price per Square Foot: Increased from $192 to $198.
Showings per Listing: Dropped slightly from 5.3 to 4.7 showings per listing.
Average Showings per Pending: Less showings were needed to get a home under contract, with the figure moving from 13.7 down to 11.6.
Bonus Stat: Percentage Received of Original List Price: Currently at 100%, suggesting that buyers are paying the full list price with no price negotiations.
The steady rise in prices points to a robust seller's market. Buyers are encouraged not to wait, as delaying could mean facing even higher prices. As always, if you need assistance with buying or selling property in Savannah, feel free to reach out!
Remember to call me at 912-8449-000 if you have any questions. Stay informed and make smart real estate decisions.

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